Huobi Global suffers losses

Huobi Global , one of the largest cryptocurrency exchanges in the world, is suffering losses amid the Chinese government's crackdown on digital assets and a strict ban on cryptocurrencies. 

The company criticized the new ban, saying it would cut the exchange's earnings by a third and create additional difficulties for Huobi Global to enter new markets. China's ban on cryptocurrencies and serving Chinese customers has resulted in Huobi Global losing nearly 33% of its profits. 

Du Jun, co-founder of Huobi Global, stated, “All Chinese users will be banned from accessing the cryptocurrency exchange services. Until December 31st, the platform will permanently stop serving Chinese users, so our revenues in China will drop to zero. ”

Jun added that 70% of his company's revenues are not related to the Chinese market. But in order to minimize losses, the exchange is taking active steps to enter new markets. The new rules of the game are forcing Huobi to expand its global activities. The company is actively targeting cryptocurrency clients in Latin America, Turkey, Russia, as well as large investors in the US and Europe. 

In October of this year, a series of new rules ended with China's complete ban on all digital assets. Recall that China was the leader in mining and cryptocurrency trading until 2018, then, due to the introduction of a number of bans and strict regulatory rules, the dominance of the digital currency market was lost. 

If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - Huobi

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